RadioShack swings to big loss in Q3

By Katherine Boccaccio

Fort Worth, Texas -- RadioShack Corp. reported Tuesday a wider-than-expected loss of $47 million for the quarter ended Sept. 30, compared with a profit of $300,000 for the same period last year. Sales dropped from $1.03 billion to $1.0 billion and same-store sales dropped 1.6%.

“Overall, our business performed below expectations,” said Dorvin Lively, interim CEO. However, he said, going forward the focus will be on stabilizing profitability. “We have a focused set of initiatives that we believe will accomplish this goal, however, it will take some time to fully address the challenges this business faces," Lively said.